Kroenke promises it will be business as usual for self-sustaining Gunners

11 April 2012

The financial travails of several clubs has led to a rather cynical view of foreign ownership in the Premier League but the latest - American Stanley Kroenke - today stressed his commitment to maintaining the status quo as he closes in on a takeover at Arsenal.

New owners often bring uncertainty but Kroenke has closely aligned himself with key members of the Gunners' board and slowly immersed himself in the values of the club. The 63-year-old was originally introduced to Arsenal by former vice-chairman David Dein in 2006 and has since embarked upon a charm offensive to convince the club's old guard that their traditions will be upheld.

The initial signs encourage the notion of stability. Kroenke has indicated board members with a long-standing affiliation to the club will remain in place - with chairman Peter Hill-Wood and directors Ken Friar, Sir John Keswick and Lord Philip Harris all involved - although Standard Sport understands reports that Dein could return to the club are unfounded.

Kroenke has not borrowed to finance his purchase of the club as the American stumped up £394million in cash to buy shares from Danny Fiszman (16.1 per cent) and Lady Nina Bracewell-Smith (15.9 per cent) and the club will not be saddled with any additional debt akin to the Glazer family's takeover at Manchester United.

In a statement to the stock exchange, Kroenke Sports Enterprises outlined their adherence to the self-sustainable business model that has provided the framework for their move to Emirates Stadium. The Gunners' decision to finance their new stadium through property development and use the increase in revenue to pay off their debts has prompted ire among some fans who are frustrated by an apparent lack of investment in the team.

While the club would argue they have invested significant sums, particularly on securing long-term contracts for the vast majority of first-team players, Kroenke's rival shareholder, Alisher Usmanov, was among those calling for a sharp increase in expenditure on transfers.

But Kroenke is not like Chelsea owner Roman Abramovich in style. He will not hand Wenger vast sums to transform the team. Kroenke is a businessman and Wenger's frugality will always play well with money men.

Wenger has come under fire from a section of the club's fans - even the usually reserved Arsenal Supporters' Trust have expressed their "considerable disappointment" at their performance this season - and a failure to land the League title this season will extend their trophy drought to six years.

Kroenke remains fully supportive of Wenger and the Frenchman continues to be revered as one of the game's leading coaches but his stock has been diminished by the failure to address apparent shortcomings in his squad.

Wenger's utterance last week that "second place is not a disaster" was made on secure footing with the support of a board entrenched in their positions but if Kroenke completes his takeover, his future will be at the whim of one man.

"It is their current intention that, if the offer becomes or is declared unconditional, existing employment rights of the executive management team and the employees of Arsenal will be fully safeguarded, and the current board of Arsenal will be invited to remain in place, to assist in ensuring future success on and off the pitch," read Kroenke Sports Enterprises' statement to the stock exchange this morning.

Wenger is contracted to the club until 2014 and there is almost no chance he would be removed before then but the longer their present on-pitch malaise continues, the more his past successes will become overshadowed.

Wenger's philosophy has often been lauded but his emphasis on youth has sometimes been viewed as his own project that the board have indulged - Kroenke's ownership changes that dynamic.

There is no suggestion the American is considering replacing Wenger but his teams have a history of success. Whether it be in American Football, the NBA or lacrosse, they have tended to prosper and Kroenke's ascension will reinforce the immediacy with which Wenger must deliver silverware. Wenger is notoriously reluctant to spend money and it remains to be seen whether Kroenke encourages him to be more active in the transfer market in the same way Dein helped to crystallise his thinking.

Fans are unlikely to witness any tangible change in the short-term. The AST is keen for fans to continue to have a say in the running of the club and Kroenke has been responsive up until now.

"The AST believes that Arsenal is a stronger institution when supporters are directly involved in its ownership structure," said a statement from the AST. "Stan Kroenke has always been a supporter of the AST and supporter shareholders.
We expect him to involve us in talks about any plans he has."

The AST launched a Fanshare scheme last season which has been well received by the club's supporters and there remains a desire for the past not to be forgotten despite the changing of the guard at boardroom level.

"Nina, for more than 70 years the Bracewell-Smith family have been Arsenal custodians," said the AST. "The AST pays full tribute to Danny Fiszman.
His contribution to Arsenal has been immense. The Emirates is his legacy to Arsenal's bright future."

That bright future will now be charted from America and the initial course remains unchanged.

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